{"id":6101,"date":"2022-06-08T16:17:30","date_gmt":"2022-06-08T08:17:30","guid":{"rendered":"http:\/\/163.53.170.157:8080\/?p=6101"},"modified":"2022-09-13T22:53:01","modified_gmt":"2022-09-13T14:53:01","slug":"%e6%96%b0%e5%b9%b4%e7%ac%ac%e4%b8%80%e4%bb%bd%e5%96%9c%e6%8a%a5%ef%bc%81%e6%9c%b1%e8%95%be%e6%95%99%e6%8e%88%e8%ae%ba%e6%96%87%e8%a2%ab%e5%9b%bd%e9%99%85%e9%a1%b6%e7%ba%a7%e6%9c%9f%e5%88%8ajae","status":"publish","type":"post","link":"https:\/\/fisf.fudan.edu.cn\/femba\/6101\/","title":{"rendered":"\u6731\u857e\u6559\u6388\u8bba\u6587\u88ab\u56fd\u9645\u9876\u7ea7\u671f\u520a\u63a5\u53d7\u53d1\u8868"},"content":{"rendered":"\n
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\u559c  \u62a5<\/strong><\/p><\/section><\/section>

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\u5f00\u5e74\u8fce\u559c\uff01<\/span>2022\u5143\u65e6\u5f53\u65e5\uff0c\u590d\u65e6\u5927\u5b66\u6cdb\u6d77\u56fd\u9645\u91d1\u878d\u5b66\u9662\u4f1a\u8ba1\u5b66\u7ec8\u8eab\u6559\u6388\u6731\u857e\u4e0e\u54e5\u4f26\u6bd4\u4e9a\u5546\u5b66\u9662\u8457\u540d\u4f1a\u8ba1\u4e13\u5bb6Stephen Penman\u5408\u8457\u8bba\u6587An Accounting-based Asset Pricing Model and a Fundamental Factor\uff08\u57fa\u4e8e\u4f1a\u8ba1\u7684\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u548c\u57fa\u672c\u9762\u56e0\u5b50\uff09\u83b7\u5f97\u56fd\u9645\u9876\u7ea7\u671f\u520aJournal of Accounting and Economics<\/em>\uff08JAE\uff0c\u300a\u4f1a\u8ba1\u4e0e\u7ecf\u6d4e\u5b66\u6742\u5fd7\u300b\uff09\u63a5\u53d7\u53d1\u8868\u3002<\/span><\/strong>JAE\u662f\u4f1a\u8ba1\u9886\u57df\u7efc\u5408\u6392\u540d\u7b2c\u4e00\u7684\u56fd\u9645\uff08\u82f1\u6587\uff09\u5b66\u672f\u6742\u5fd7\uff0c\u4e5f\u662f\u5b66\u9662A+\u7c7b\uff08\u6700\u9ad8\u7c7b\uff09\u5b66\u672f\u6742\u5fd7\u540d\u5355\u4e2d\u552f\u4e00\u7684\u4f1a\u8ba1\u5b66\u6742\u5fd7\u3002\u8be5\u8bba\u6587\u5168\u65b0\u6784\u5efa\u4e86\u4e00\u4e2a\u4ee5<\/span>\u4f1a\u8ba1\u4e3a\u57fa\u7840\u7684\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\uff0c\u4e5f\u7531\u6b64\u6784\u5efa\u4e86\u4e00\u4e2a\u57fa\u4e8e\u4f1a\u8ba1\u4fe1\u606f\u7684\u8d44\u4ea7\u5b9a\u4ef7\u7684\u201c\u57fa\u672c\u9762\u201d\u56e0\u5b50\uff0c\u5728\u4f1a\u8ba1\u5b66\u8d44\u4ea7\u5b9a\u4ef7\u9886\u57df\u53d6\u5f97\u4e86\u91cd\u5927\u8fdb\u5c55\u3002<\/span><\/span><\/p><\/section><\/section><\/section><\/section>

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\u6b64\u6b21\uff0c\u5373\u5c06\u53d1\u8868\u4e8e\u56fd\u9645\u9876\u7ea7\u671f\u520aJAE\u7684\u7b2c\u4e8c\u7bc7\u8bba\u6587\u4ece\u7ecf\u5178\u7684\u8d44\u4ea7\u6d88\u8d39\u5b9a\u4ef7\u7406\u8bba\u4e2d\u5ef6\u5c55\u521b\u5efa\u65b0\u6a21\u578b\uff0c\u5e76\u4e14\u5c06\u8d22\u62a5\u6570\u636e\u4e0e\u8be5\u6d88\u8d39\u5b9a\u4ef7\u7406\u8bba\u4ee5\u53ca\u76f8\u5173\u7684\u4f1a\u8ba1\u539f\u5219\u76f8\u8fde\u63a5\u3002\u8fd9\u4e2a\u6a21\u578b\u53ef\u4ee5\u66f4\u7cbe\u786e\u5730\u9884\u6d4b\u80a1\u7968\u7684\u672a\u6765\u6536\u76ca\u7387\uff0c\u53ca\u83b7\u5f97\u6b64\u6536\u76ca\u7387\u987b\u627f\u62c5\u7684\u98ce\u9669\uff0c\u4e5f\u7531\u6b64\u6784\u5efa\u4e86\u4e00\u4e2a\u57fa\u4e8e\u4f1a\u8ba1\u4fe1\u606f\u7684\u8d44\u4ea7\u5b9a\u4ef7\u7684\u201c\u57fa\u672c\u9762\u201d\u56e0\u5b50\u3002\u76f8\u6bd4\u8d77\u5df2\u77e5\u7684\u4e00\u6279\u5b9a\u4ef7\u56e0\u5b50\uff0c\u8be5\u57fa\u672c\u9762\u56e0\u5b50\u80fd\u591f\u66f4\u597d\u7684\u89e3\u91ca\u80a1\u7968\u7684\u6a2a\u622a\u9762\u6536\u76ca\u7387(cross-sectional returns)\uff1b\u5176\u56e0\u5b50\u6536\u76ca\u7387\u4e0e\u5e02\u573a\u7ec4\u5408\u6536\u76ca\u7387\u5448\u8d1f\u76f8\u5173\u5173\u7cfb\uff0c\u4e14\u5728\u5e02\u573a\u4f4e\u8ff7\u7684\u72b6\u6001\u4e0b\uff0c\u80fd\u591f\u8d77\u5230\u4fdd\u8bc1\u6295\u8d44\u8005\u6700\u4f4e\u6536\u76ca\u7387\u7684\u7279\u6027\u3002\u57fa\u4e8e\u8fd9\u4e9b\u7ed3\u679c\uff0c\u6731\u857e\u6559\u6388\u4e0eStephen Penman\u53c8\u6784\u5efa\u4e86\u4e00\u4e2a\u53cc\u56e0\u5b50\u7ec4\u5408\uff0c\u4e5f\u5c31\u662f\u5e02\u573a\u7ec4\u5408\u56e0\u5b50\u914d\u4ee5\u4e00\u4e2a\u53ef\u4ee5\u5bf9\u51b2\u6d88\u8d39\u4e0b\u964d\u72b6\u6001\u7684\u7ec4\u5408\u56e0\u5b50\u3002\u4e0e\u5176\u4ed6\u56e0\u5b50\u6a21\u578b\u4e00\u6837\uff0c\u8fd9\u4e2a\u6a21\u578b\u662f\u4e00\u4e2a\u957f\u77ed\u3001\u96f6\u51c0\u6295\u8d44\u7684\u7ec4\u5408\uff0c\u4f46\u662f\u8be5\u6a21\u578b\u5177\u6709\u66f4\u9ad8\u7684\u5e73\u5747\u56de\u62a5\u7387\u548c\u66f4\u9ad8\u7684\u590f\u666e\u6bd4\u7387\u3002\u6b64\u5916\uff0c\u8be5\u56e0\u5b50\u76f8\u5bf9\u4e8e\u5176\u4ed6\u56e0\u5b50\u6a21\u578b\u7684\u6536\u76ca\u7387\u8868\u73b0\u51fa\u660e\u663e\u7684alpha(\u4e5f\u5c31\u662f\u7ebf\u6027\u56de\u5f52\u6a21\u578b\u7684\u622a\u8ddd)\u3002<\/span>\u4e0e\u201c\u4ef7\u503c\u201d\u201c\u89c4\u6a21\u201d\u201c\u76c8\u5229\u80fd\u529b\u56e0\u7d20\u201d\u548c\u201cCMA\u56e0\u5b50\u201d\u7b49\u56e0\u5b50\u76f8\u6bd4\uff0c<\/span>\u6731\u857e\u6559\u6388\u4e0e<\/span>Stephen Penman<\/span><\/span>\u6784\u5efa\u7684\u57fa\u672c\u9762\u56e0\u5b50\u662f\u57fa\u4e8e\u7ecf\u5178\u7ecf\u6d4e\u5b66\u7406\u8bba\u3002<\/span>\u56e0\u6b64\uff0c\u8be5\u56e0\u5b50\u8fd8\u53ef\u4f5c\u4e3a\u8bc4\u4f30\u5176\u4ed6\u56e0\u5b50\u662f\u5426\u53ef\u4ee5\u89e3\u91ca\u98ce\u9669\u4e0e\u56de\u62a5\u7684\u4e00\u4e2a\u57fa\u51c6\u3002<\/span>\u66f4\u91cd\u8981\u7684\u662f\uff0c\u8be5\u5b9e\u8bc1\u6a21\u578b\u53ea\u6709\u4e00\u4e2a\u56e0\u5b50\uff0c\u800c\u4e0d\u50cf\u5176\u4ed6\u7684\u5b9e\u8bc1\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\u90fd\u662f\u7531\u591a\u4e2a\u56e0\u5b50\u7ec4\u6210\uff08\u8fd9\u6837\u7684\u591a\u56e0\u5b50\u7ed3\u6784\u53ef\u4ee5\u673a\u68b0\u7684\u589e\u52a0\u56de\u5f52\u7684R2\uff09\u3002<\/span>\u8be5\u56e0\u5b50\u4e0e\u6d88\u8d39\u98ce\u9669\u76f8\u5173\uff0c\u56e0\u6b64\u53ef\u4ee5\u89e3\u91ca\u6295\u8d44\u8005\u6700\u5173\u6ce8\u7684\u98ce\u9669\uff0c\u800c\u4e0e\u4e0d\u53c2\u4e0e\u5b9a\u4ef7\u548c\u56de\u62a5\u7684\u56e0\u7d20\u6ca1\u6709\u5173\u8054\u3002<\/span><\/p>

\u6b64\u524d\uff0c\u8be5\u7cfb\u5217\u8bba\u6587\u7684\u7b2c\u4e00\u7bc7<\/span><\/span>Accounting Anomalies, Risk and Return<\/span>(<\/span>\u4f1a\u8ba1\u5f02\u5e38\u56e0\u5b50\u3001\u98ce\u9669\u548c\u56de\u62a5<\/span>)\u5df2\u53d1\u8868\u5728\u53e6\u5916\u4e00\u4e2a\u9876\u7ea7\u7684\u4f1a\u8ba1\u5b66\u672f\u671f\u520a <\/span>The Accounting Review<\/em>\uff08\u300a\u4f1a\u8ba1\u5b66\u8bc4\u8bba\u300b\uff09\u3002<\/span>\u8bba\u6587\u901a\u8fc7\u4f1a\u8ba1\u6570\u636e\u6765\u9884\u6d4b\u80a1\u7968\u7684\u6536\u76ca\u7387\uff0c\u5e76\u4e14\u7814\u7a76\u8fd9\u4e2a\u6536\u76ca\u7387\u662f\u5c5e\u4e8e\u6b63\u5e38\u56de\u62a5\u8fd8\u662f\u5f02\u5e38\u6536\u76ca<\/span><\/span>\u3002\u7814\u7a76\u7ed3\u679c\u53d1\u73b0\uff0c\u5982\u679c\u5e02\u573a\u5b9a\u4ef7\u662f\u5408\u7406\u7684\uff0c\u90a3\u4e48\u4f1a\u8ba1\u6570\u636e\u5e94\u5f53\u9884\u6d4b\u80a1\u7968\u7684\u6b63\u5e38\u56de\u62a5\u7387\u3002\u56e0\u6b64\uff0c\u5982\u679c\u5e02\u573a\u5c06\u4e0a\u5e02\u516c\u53f8\u7684\u5229\u6da6\u548c\u5229\u6da6\u589e\u957f\u89c6\u4e3a\u98ce\u9669\uff0c\u5e76\u4e14\u7eb3\u5165\u80a1\u7968\u7684\u5b9a\u4ef7\u4e4b\u4e2d\uff0c\u90a3\u4e48\u4efb\u4f55\u53ef\u4ee5\u9884\u6d4b\u8fd9\u4e24\u4e2a\u53d8\u91cf\u7684\u4f1a\u8ba1\u6570\u636e\u4e5f\u4f1a\u9884\u6d4b\u80a1\u7968\u672a\u6765\u7684\u6536\u76ca\u3002\u5b9e\u8bc1\u7ed3\u679c\u8868\u660e\uff0c\u8bb8\u591a\u6240\u8c13\u7684\u4f1a\u8ba1\u201c\u5f02\u5e38\u201d\u53d8\u91cf\u53ef\u4ee5\u9884\u6d4b\u516c\u53f8\u672a\u6765\u7684\u5229\u6da6\u548c\u5229\u6da6\u589e\u957f\uff0c\u5e76\u4e14\u4e5f\u9884\u6d4b\u80a1\u7968\u672a\u6765\u7684\u6536\u76ca\u3002\u8fd9\u4e9b\u53d8\u91cf\u5305\u62ec\u5e94\u8ba1\u5229\u6da6\u3001\u8d44\u4ea7\u589e\u957f\u3001\u76c8\u5229\u80fd\u529b\u3001\u6295\u8d44\u3001\u51c0\u80a1\u7968\u53d1\u884c\u548c\u5916\u90e8\u878d\u8d44\u7b49\u7b49\u3002\u7b80\u8a00\u4e4b\uff0c\u7531\u8fd9\u4e9b\u4f1a\u8ba1\u6570\u5b57\u9884\u6d4b\u51fa\u6765\u201c\u5f02\u5e38\u201d\u56de\u62a5\u5176\u5b9e\u4e0e\u7406\u6027\u5b9a\u4ef7\u662f\u4e00\u81f4\u7684\u3002\u6240\u4ee5\uff0c\u6309\u7167\u6731\u857e\u6559\u6388\u4e0eStephen Penman\u7684\u8861\u91cf\u6807\u51c6\u4ee5\u53ca\u4e00\u5957\u5408\u7406\u7684\u5e02\u573a\u5b9a\u4ef7\u6a21\u578b\uff0c\u8fd9\u4e9b\u53d8\u91cf\u90fd\u4e0d\u80fd\u7b97\u662f\u201c\u5f02\u5e38\u56e0\u5b50\u201d(anomalies)\u3002\u8be5\u8bba\u6587\u4e00\u7ecf\u53d1\u5e03\u83b7\u5f97\u4e86\u5b66\u672f\u754c\u548c\u4e1a\u754c\u4e00\u81f4\u597d\u8bc4\u3002<\/span><\/p>

\u590d\u65e6\u6cdb\u6d77\u56fd\u91d1\u529e\u5b66\u56db\u5e74\u6765\uff0c\u5b66\u9662\u5df2\u7ecf\u670929\u4f4d\u6559\u6388\u768483\u7bc7\u8bba\u6587\u5148\u540e\u88ab\u56fd\u9645\u8457\u540d\u5b66\u672f\u671f\u520a\u63a5\u53d7\u53d1\u8868\u3002\u5176\u4e2d\uff0c25\u4f4d\u6559\u6388\u768458\u7bc7\u5b66\u672f\u8bba\u6587\u88ab\u56fd\u9645\u4e00\u6d41\u671f\u520a\u63a5\u53d7\u53d1\u8868\u3002\u5b66\u9662\u5e08\u8d44\u56e2\u961f\u79c9\u627f\u201c\u5353\u8d8a\u00b7\u8d23\u4efb\u00b7\u521b\u65b0\u201d\u7684\u9662\u8bad\uff0c\u5168\u8eab\u5fc3\u5730\u6295\u5165\u5b66\u9662\u5b66\u672f\u7814\u7a76\u5de5\u4f5c\uff0c\u5b66\u672f\u6210\u679c\u4ece\u6570\u91cf\u5230\u8d28\u91cf\u59cb\u7ec8\u4fdd\u6301\u9ad8\u4f4d\u6c34\u5e73\uff0c\u5145\u5206\u53cd\u6620\u51fa\u5b66\u9662\u5e08\u8d44\u56e2\u961f\u5728\u5b66\u672f\u7814\u7a76\u9886\u57df\u7684\u5353\u8d8a\u5b9e\u529b\u3002\u672a\u6765\uff0c\u5b66\u9662\u5c06\u4e0d\u65ad\u8ffd\u6c42\u56fd\u9645\u524d\u6cbf\u79d1\u7814\u6210\u679c\uff0c\u7ee7\u7eed\u4e3a\u63a8\u52a8\u4e00\u6d41\u91d1\u878d\u5b66\u79d1\u548c\u7ecf\u6d4e\u5b66\u79d1\u53d1\u5c55\u4f5c\u51fa\u66f4\u5927\u8d21\u732e\u3002<\/span><\/p>


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\u6559\u6388\u4ecb\u7ecd<\/strong><\/section>

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\u6731\u857e<\/span><\/strong><\/span>
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\u590d\u65e6\u5927\u5b66\u6cdb\u6d77\u56fd\u9645\u91d1\u878d\u5b66\u9662\u4f1a\u8ba1\u5b66\u7ec8\u8eab\u6559\u6388<\/span><\/span><\/p>

\u6731\u857e<\/span>\u6559\u6388\u7684\u7814\u7a76\u6d89\u53ca\u7406\u8bba\u548c\u5b9e\u8bc1\u516c\u53f8\u91d1\u878d\u3001\u6536\u8d2d\u548c\u517c\u5e76\uff0c\u4e0e\u91d1\u878d\u5e02\u573a\u76f8\u5173\u7684\u6cd5\u5f8b\u53ca\u76d1\u7ba1\u4f53\u7cfb\u7814\u7a76\uff0c\u80a1\u7968\u5e02\u573a\u6709\u6548\u6027\u7b49\u9886\u57df\u3002<\/span><\/p>

\u6731\u857e\u6559\u6388\u4e0e\u54e5\u4f26\u6bd4\u4e9a\u5546\u5b66\u9662\u8457\u540d\u4f1a\u8ba1\u4e13\u5bb6Stephen Penman\u5408\u8457\u4e86\u4e00\u7bc7\u8bba\u6587\u5206\u6790\u80a1\u7968\u5e02\u573a\u6709\u6548\u6027\u53ca\u975e\u6b63\u5e38\u56e0\u5b50\u7684\u5173\u7cfb\u3002\u6b64\u8bba\u6587\u5f97\u5230\u5b66\u672f\u754c\u548c\u4e1a\u754c\u4e00\u81f4\u597d\u8bc4\uff0c\u5e76\u5728\u8457\u540d\u5b66\u672f\u520a\u7269The Accounting Review\u4e0a\u53d1\u8868\u3002<\/span><\/p>

\u6731\u857e<\/span>\u6559\u6388\u8fd8\u4e0e\u4e0d\u540c\u7684\u5408\u8457\u8005\u5b8c\u6210\u4e86\u591a\u7bc7\u8bba\u6587\u3002\u8bba\u6587\u5185\u5bb9\u8986\u76d6\u9762\u5e7f\u9614\uff0c\u5305\u62ec\u91d1\u878d\u5206\u6790\u5e08\u4e0e\u517c\u5e76\u7684\u5173\u7cfb\u3001\u7ba1\u7406\u5c42\u6536\u8d2d\u548c\u76c8\u4f59\u7ba1\u7406\u7684\u5173\u7cfb\u3001\u5206\u6790\u517c\u5e76\u4e2d\u517c\u5e76\u53cc\u65b9\u7684\u8c08\u5224\u8fc7\u7a0b\uff0c\u4ee5\u53ca\u8428\u73ed\u65af\u6cd5\u6848\uff08Sarbenes-Oxley Act\uff09\u5bf9\u516c\u53f8\u6295\u8d44\u7684\u5f71\u54cd\u7b49\uff0c\u5176\u4e2d\u8fd9\u7bc7\u6587\u7ae0\u88ab\u54c8\u4f5b\u5546\u5b66\u9662\u5217\u5165\u535a\u58eb\u8bfe\u7a0b\u5fc5\u4fee\u6587\u7ae0\u3002\u5979\u7684\u7814\u7a76\u6210\u679c\u5728\u56fd\u9645\u77e5\u540d\u671f\u520a Management Science \u548c The Accounting Review \u4e0a\u53d1\u8868\u3002<\/span><\/p>

\u6731\u857e<\/span>\u6559\u6388\u7684\u535a\u58eb\u8bba\u6587\u201cA New Measure for Shareholder Value Creation and the Performance of Mergers and Acquisitions\u201d\u83b7\u5f97\u4e86Deloitte & Touche\u57fa\u91d1\u4f1a\u535a\u58eb\uff08\u8bba\u6587\uff09\u5956\u91d1\uff0c2008\u5e74\u83b7\u5f97\u7f8e\u56fd\u897f\u90e8\u91d1\u878d\u5b66\u4f1a\u7684\u535a\u58eb\u751f\u5956\u3002<\/span><\/p>

\u6731\u857e<\/span>\u6559\u6388\u5177\u6709\u591a\u5e74\u7684\u4e1a\u754c\u5de5\u4f5c\u7ecf\u9a8c\u3002\u653b\u8bfb\u535a\u58eb\u5b66\u4f4d\u524d\uff0c\u5979\u66fe\u5728\u6ce2\u58eb\u987f\u54a8\u8be2\u516c\u53f8\u62c5\u4efb\u7ecf\u7406\uff0c\u53c2\u4e0e\u5e76\u9886\u5bfc\u8fc7\u591a\u9879\u5927\u989d\u7ecf\u6d4e\u7ea0\u7eb7\u6848\u7684\u5206\u6790\uff0c\u5305\u62ec\u4f17\u6240\u5468\u77e5\u7684\u5b89\u7136\u4f1a\u8ba1\u4e11\u95fb\u548c\u5fae\u8f6f\u5784\u65ad\u6848\u4ef6\u3002\u5979\u64b0\u5199\u7684\u5b89\u7136\u4f1a\u8ba1\u884d\u751f\u54c1\u7684\u591a\u4e2a\u5206\u6790\u62a5\u544a\u88ab\u4e13\u5bb6\u548c\u6cd5\u5ead\u91c7\u7528\uff0c\u5bf9\u5b89\u7136\u4f1a\u8ba1\u884d\u751f\u54c1\u6848\u4ef6\u7684\u6700\u7ec8\u88c1\u51b3\u8d77\u4e86\u91cd\u8981\u4f5c\u7528\u3002<\/span><\/p>

\u6731\u857e\u6559\u6388\u8bb2\u6388\u7684\u8bfe\u7a0b\u5305\u62ec\u300a\u91d1\u878d\u8d22\u52a1\u300b\u3001\u300a\u8d22\u52a1\u62a5\u544a\u4e0e\u63a7\u5236\u300b\u3001\u300a\u8d22\u52a1\u62a5\u8868\u5206\u6790\u300b\u3001\u300a\u7ba1\u7406\u4f1a\u8ba1\u300b\u7b49\u3002<\/span><\/p>

\u6731\u857e\u6559\u63882009\u5e74\u83b7\u5f97\u54e5\u4f26\u6bd4\u4e9a\u5927\u5b66\u54e5\u4f26\u6bd4\u4e9a\u5546\u5b66\u9662\u4f1a\u8ba1\u5b66\u535a\u58eb\u5b66\u4f4d\uff0c2003\u5e74\u83b7\u5f97\u6ce2\u58eb\u987f\u5927\u5b66\u91d1\u878d\u5b66\u7855\u58eb\u5b66\u4f4d\u3002<\/span><\/p><\/span><\/section><\/section><\/section><\/section><\/section>

<\/section>


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